The Indian rupee (ICN) is +0.8% vs the dollar after the Reserve Bank of India yesterday acted to try to reverse the sharp decline the currency has experienced this year. The RBI limited the amount banks can borrow from its daily repo window at 750B rupees and raised two-money market rates to 10.25% from 8.25%, and said it would drain 120B rupees from the system tomorrow. One economist is surprised at the RBI's move "at a time when the economy is in such a bad state." Shares (INDY) are -1.2%.